SINGAPORE: New York March sugar looks neutral in a range of 16.19-16.43 cents per lb, and an escape will point a direction.
The range has been formed by the 76.4 percent and the 50 percent Fibonacci projection levels of a downward wave c, the third wave of a three-wave cycle falling from the Oct. 9 high of 17.20 cents.
A fall below 16.19 cents could be extended to 15.97 cents, the 100 percent level, while a surge above 16.43 cents will open the way towards the 23.6 percent level, at 16.67 cents.
** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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